Sears Just Filed Bankruptcy; What Does This Mean For Rockford?

I hate to say this, but we all kinda knew this announcement was coming...Sears has officially filed for bankruptcy and will be closing a majority of their stores by the end of the year.

Before you freak out about the future of Sears at the CherryVale Mall, let me just tell you this; CNN Business reports:

The filing in federal bankruptcy court in New York came in the early hours of Monday morning. The company issued a statement saying it intends to stay in business, keeping stores that are profitable open, along with the Sears and Kmart online shopping sites.

But it said that it's looking for a buyer for a large number of its remaining stores and that it will close at least 142 stores near the end of this year. That's in addition to the 46 store closings already planned for next month.